Global High Voltage Cable Market Report, published by Variant Market Research, forecast that the global market is expected to reach $52 billion by 2024 from $32 billion in 2016; growing at a CAGR of 6.3% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 7.3% and 6.4%, respectively, during the forecast period.
Some of the major drivers of global high voltage cable market are growth in industrialization & urbanization, and rise in trend of underground wiring. However, high price of metals such as aluminium and copper would act as a restraint for the market. Surge in number of offshore power projects and increased government investments in smart grid technology would provide several growth opportunities for the market in the coming years.
The global high voltage cable market is categorized into product type and end user. By product type, the market is further segmented into overhead, submarine, and underground. Underground cables segment accounted for the largest market share in 2016, owing to their advantages such as less chance of faults, small voltage drops, and no visual impact. The submarine segment is expected to grow at the fastest CAGR during the forecast period, driven by electrification on islands and the expansion of offshore power projects. By end user, the market is categorized into renewable energy, industrial, and infrastructure.
Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted for the largest market share of 42.9% in 2016, and is expected to continue its dominance during the forecast period. The growth is majorly attributed to increasing industrialization and urbanization in developing countries such as China, Japan, and India. Europe accounted for the second largest market share of 25%. In terms of growth, Asia-Pacific is expected to grow at the fastest CAGR of 7.3% during the forecast period 2016-2024.
Major players in the high voltage cable market include, Prysmian Group, TELE-FONIKA Kable S.A, ABB, Siemens AG, Dubai Cable Company Private Limited, General Cable Technologies Corporation, NKT Cables, Sumitomo Electric Industries, Ltd., Southwire Company, LLC, and Nexans S.A., among others.